The morning news. [volume] (Savannah, Ga.) 1887-1900, 1887-12-03
SPECULATION RUNS MAD,
WHAT DUN g. co. SAY OF THE
CONDITION OF TRADE.

Corners Abound and Artificial Ad.
vances are Forced by Powerful
Cliques-Pressure in the Commercial
Money Market the Result.-An In.
crease in the Number of Failures.
NEW YORK, Dec 2.--R G. Dun & Co .
review of trade for the week says: Specu
lative booming and commercial embarrass-
mcnts, anxieties abroad and uncertainty
connected with the meeting of Congress had
made up the week. In nearly all
speciality markets there is furious ex.
element, corners abound, and artificial
advances are forced by powerful cliques
and aided by an abundance of money.
But prices check legitimate business, in
dustries are hesitating and money stringency
at many points results in slow collections
and some important failures. The liquida
ton of Brown, Wood d Kingman, one Of
the largest dry goods houses whose sales
were 100000 year, illustrates the pres
sure which has prevailed in the commercial
money market, even while funds for specu.
lative uses were abundant.
DOES NOT ABATE
The pressure does not abate, and if at
some points markets are easier, reports
more commonly indicate continued or in
creased stringency. This pressure at many
points, with the great abundance of funds
in speculative uses, conforms to the esti.
mates published months ago of the Treas.
ury's policy. Though $4,000, 900 have been
deposited with banks in four months, and
the Treasury has increased its cash only
$1,000 900, the supplies have been largely
absorbed in speculation. With S34, 600. O01
in gold received from Europe, New York
banks have lost but S5,500,000, but the
Western outgo continues Grave uncer-
tainties in France and Germany render de-
pendence on further foreign supplies unde-
sirable. In the past week the Treasury has
taken in 81, 100000 more than it paid out.
The growing discussion OF modes TO lessen
the surplus points to no assured end as yet,
but causes apprehension in some manufac.
lures
TRADES DIFFERENT BRANCHES.
The dry goods trade is moderate, as usual
for the season, without improvement in
woolens. Recent advances in cottons are
sustained in sales.
The boot and shoe trade is in good shape,
but leather is dull and hides depressed
In groceries there is a large business, but
speculation in coffee has driven out buyers,
and the sugar trust has advanced the price
of refined.
Attempts to revive the coke syndicate
nave failed, and the companies have con-
cluded to attempt no further advance in
coal for December.
Iron still hesitates, though the best grades
are scarce. Southern makers are bidding
for the New York and New England trade,
and prices at Pittsburg tend lower for all
grades except charceol.
In bar iron there is a perceptible shrink
age of the demand. Nails are dull and lower,
and steel rail buyers hold off
In all directions speculation is marked
by that excited activity which renders
legitimate dealers cautious.
The business failures occurring through
out the country during last week, number
for the United States 2l5, and for Canada
20, a total of 244 against 207 last week, and
224 the week previous.
CLoTHIERs FAIL.
MOBILE, ALA, Dec. 2.-Simon &5 Co.,
clothiers, have failed. TIER liabilities are
900 and their assets $4,000.